The JP Morgan portfolio company, Smartrac, is one among the world’s top players in the Radio-Frequency Identification(RFID) and Internet of Things(IoT) technology space. As per a statement:
Smartrac is a JP Morgan major portfolio company and Alibaba recently took a minority stake to deploy enhanced brand protection solutions.
Ultimately, the goal of this partnership is to initiate Smartrac’s technology into Blockchain world, also connecting the digital and physical world. Initially, the aspect of adding blockchain to supply chain is to enhance the new aspect of security and tracking. Blockchain can significantly cut down tampering because of its immutable ledger.
Dinesh DHamija, the Chief Technology Officer explained through email correspondence that
The combination of Smartrac’s digital enablement capabilities along with Citizen’s Reserves’ SUKU platform will provide a unique identity for each physical product with a transparent and accessible supply chain solution.
This SUKU platform is one such supply chain platform which assembles on blockchain. Dhamija says Citizens reserve employs both ethereum’s blockchain as well as Quorum’s blockchain. Eric Piscini elaborates in interview with Forbes that they’re constructing a multi-component platform and ecosystem. This includes a marketplace as well as “track and Trace” functionality.
According to Piscini
RFID tags are critical when you think about supply chain and what we do, we do supply chain on blockchain, and when you need to track an item using the supply chain, whether it’s components or it’s a final product, you need RFID tags, and the partnership is really for us to be able to provide a complete solution to our clients.
Digitizing the physical world is a major hindrance that infects the supply chain industry. RFID tags are one of the best ways of connecting the physical space to digital space.
Dhamija further explains that Smartrac solves customer problems through RFID solutions. Along with that it also includes traceability, prevention of data tampering and counterfeit goods. They embed transponders into physical goods in raw material stage. This allows high traceability during manufacturing and shipping processes. He also explains that blockchain can autonomously track physical goods through a whole supply chain process.
Piscini explains the exact process in the interview with Forbes. According to Forbes, since previous May, public was aware about Piscini leaving Deloitte’s blockchain department to be a part of Citizens Reserve. Since this move, Piscini elaborated the challenges he faced in moving from Deloitte to a startup environment.
Piscini further elaborates the challenges he had to face,
At Deloitte I had bad weeks and good weeks, and [at Citizens Reserve] I have bad hours and good hours. The Rythm is much much different.
He feels that these aspects are challenging as well as exciting and he also enjoys being a part of it.